Brazil, the world’s ninth-largest economy, is pushing for a bill that would make bitcoin a legal tender. The adoption of digital assets has been under discussion for some years. But now, finally, Brazil, with some help from the central bank, is in the process of finalizing the bill.
Brazil’s federal deputy, Aurero Ribeiro, said in an interview that honorable citizens residing in the country will soon be able to buy cars, houses, and even a McDonald’s with bitcoin, as soon as the bill is passed.
The Chamber of Deputies is considered the lower house of the Brazilian National Congress and elects 513 members every four years. It is the first body of the Plenary Chamber, where delegates meet and vote on proposals.
The Brazilian deputy indicated he appreciated the bill. The green flag before the bill was happy to fly.
Aureo further said that as many countries around the world appreciate and support cryptocurrencies, delays in this queue will have no effect. He also said the Brazilian market is very stable and the decision is innovative and consistent.
Aureo said Brazil needed it to formalize the use of cryptocurrency and attract foreign investment.
We want to separate the wheat from the chaff, continue to let you do business, although bringing regulations to where you are buying, who you are dealing with, buy a house and car, own this property and impose sanctions. The country has one currency as happens in other countries.
While supporting the bill, Brazil further aims to toughen the punishment for financial crimes related to crypto. The country’s lawmakers are looking to impose new fines for laundering black money using crypto as a transaction medium.
The law also plans to increase the black money fine from one-third of the total to two-thirds of the recovered money initially. In addition, it has also proposed to increase the minimum prison sentence from three to four years to ten to sixteen years.
In August, Brazilian central bank chief Roberto Campos called on the state to restructure Neto regulations and approve the crypto market. In addition, the Brazilian Stock Exchange launched another Bitcoin Exchange-Traded Fund (ETF) in June, following several other lists of ETFs earlier this year.
After all, accepting bitcoin as a legal tender in Brazil takes place before the end of the year. It reflects Brazil’s strategic strategy to see new countries and become an opening show to inspire new foreign investors.
By fostering internal unrest, Bill 2.303/15 can be seen as being implemented behind the struggle of politicians to preserve their political careers, although they are very chaotic in the grand scheme.
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